VNI29 Nov 2012 17:24
Valuation: Buy-back narrowing the discount
VNI’s discount has been consistently wide (typically at least 40%) since launch. In part
we believe this reflects the illiquidity and valuation uncertainties inherent in private
equity, but also the slowdown in GDP growth since the financial crisis. Shareholders
approved unlimited share repurchases in July of this year, and since this began the
discount has declined from 54% to 42%. The board is reviewing the success of the
repurchase programme quarterly